There’s just no longer any way to spin this. There is no reason why the economy should not be picking up after three and a half years of the Obama presidency. Unless the problem is the Obama presidency.
The Commerce Department announced today that the economy grew only 1.5 percent the second quarter of the year. This is not an aberration or hiccup.
Since Obama was inaugurated, the economy has grown above 2.5 percent only twice, and only once since the beginning of 2011. This is the Obama economy.
I want to tell you something. There are certain bottom lines in life.
Obama has failed to turn the economy around. And Mitt Romney is going to have more money to spend on the campaign than the president.
You can do all the micro-targeting, all the get–out-the-vote efforts, and all the demonization of your opponent that you want. But unless it turns out that Romney spent his weekends during the 1980s robbing banks and loan sharking, I just don’t see how Obama gets reelected.
Perhaps the only thing that can save Obama would be a dramatic external event, like war with Iran or a terrorist attack, which causes the country to rally around the president. It could happen.
The interesting thing about the slowing economy is the cause: Businesses and consumers don’t want to spend. They are uncertain. And that’s Obama’s fault.
Instead of laboring with Congress to put in place long term solutions to the recession, such as tax reform and changes to the entitlement system that would rein in the long term deficit, Obama has added a new entitlement – Obamacare – and thrown bits and pieces of stimulus at the problem.
People don’t know what Obamacare will do to the economy. Banks are still waiting while rules for the two year old, endlessly complex Dodd-Frank financial reform bill are written. There is no plan to conquer the deficit, which casts a pall of uncertainty over the nation’s future.
Obama’s plan to “secure the future” was to create new subsidies – “investments” – for green industries. But no serious person believed that this was anything but the usual liberal spending.
Obama had a chance to set the boat right before exploring new territory. Instead he took us on a journey across the Seven Seas to find the Left Wing Holy Grail.
And now we’re shipwrecked. He will pay the price.